Companies registered in tax havens such as Panama, Seychelles, Netherlands Antilles, British Virgin Islands or Bermuda, control more than 1,200 firms in Romania, in which they have invested over EUR 1.1 billion, according to Romania’s Trade Registry.

Firms registered in the Netherlands Antilles rank first in terms of capital invested in Romania, with over EUR 500 million coming from 15 firms registered in this territory, reports local Ziarul Financiar.

The British Virgin Islands ranked second, with EUR 290 million capital from over 380 firms. Panama ranks fourth among tax havens for firms operating in Romania, after Gibraltar.

The entrepreneurs that have companies registered in Panama include Amir Krenzia, the owner of the companies Alka Trading Co and Alka Co.

The group Romanel International, which also has a share in Metropolitan Leasing, is the majority shareholder in a company registered in Panama.

Overall in Romania, Panama ranks 36th among the biggest foreign investors. The local companies controlled by firms from Panama had a total capital of EUR 45 million at end-February.

editor@romania-insider.com